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The Venture Codex

Equity Gap

Capital Business Centre 24 Canning Street, Edinburgh, EH3 8EG, United Kingdom

Overview

Investment group supporting emerging and growing businesses.

Founded

2010

Deals · 12mo

3

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed

Geographic focus

United Kingdom

Sector focus

Finance
Financial Services

Investment portfolio

38rounds
NAMEDATESIZE
Lentitek
Aug 2026Led
$0.98 MOther Equity
QuickBlock
Jul 2026Led
$1 MOther Equity
Gutsy Health
Dec 2025Participated
$0.40 MOther Equity
Vector Photonics
Jun 2024Participated
$4 MOther Equity
Ulemco
May 2024Participated
$6 MOther Equity
SMASH
Mar 2024Led
$0.47 MSeed
QuickBlock
Feb 2024Participated
$2 MDebt
Synaptec
Feb 2024Participated
$8 MOther Equity
Mocean Energy
Nov 2023Participated
$3 MOther Equity
Vector Photonics
Jan 2023Participated
$3 MOther Equity
PneumoWave
Jan 2023Led
$9 MSeries A
EBar
Oct 2022Participated
$0.97 MOther Equity
Lentitek
Aug 2026Led
$0.98 MOther Equity
QuickBlock
Jul 2026Led
$1 MOther Equity
Gutsy Health
Dec 2025Participated
$0.40 MOther Equity
Vector Photonics
Jun 2024Participated
$4 MOther Equity
Ulemco
May 2024Participated
$6 MOther Equity
SMASH
Mar 2024Led
$0.47 MSeed
QuickBlock
Feb 2024Participated
$2 MDebt
Synaptec
Feb 2024Participated
$8 MOther Equity
Mocean Energy
Nov 2023Participated
$3 MOther Equity
Vector Photonics
Jan 2023Participated
$3 MOther Equity
PneumoWave
Jan 2023Led
$9 MSeries A
EBar
Oct 2022Participated
$0.97 MOther Equity
38
Items
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Insights

Time horizon

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Deal Distribution

Equity Gap: 38 funding rounds are recorded in the selected participation categories.All available history.
Equity Gap: 38 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed52
Series A10
Other Equity821
Debt01

Monthly Deal Activity

Equity Gap: 38 deals are recorded across 161 months.All available history.
Equity Gap: 38 deals are recorded across 161 months. All available history
MonthDeals
Jun '131
Jul '130
Aug '130
Sep '130
Oct '130
Nov '130
Dec '130
Jan '140
Feb '140
Mar '140
Apr '140
May '140
Jun '140
Jul '140
Aug '140
Sep '141
Oct '140
Nov '140
Dec '140
Jan '150
Feb '150
Mar '150
Apr '150
May '150
Jun '150
Jul '151
Aug '150
Sep '150
Oct '150
Nov '150
Dec '150
Jan '160
Feb '160
Mar '160
Apr '160
May '161
Jun '161
Jul '161
Aug '161
Sep '160
Oct '161
Nov '160
Dec '160
Jan '171
Feb '170
Mar '170
Apr '170
May '170
Jun '170
Jul '170
Aug '170
Sep '170
Oct '171
Nov '170
Dec '171
Jan '180
Feb '181
Mar '181
Apr '180
May '180
Jun '182
Jul '180
Aug '180
Sep '180
Oct '180
Nov '180
Dec '180
Jan '190
Feb '191
Mar '190
Apr '190
May '192
Jun '190
Jul '190
Aug '190
Sep '190
Oct '190
Nov '190
Dec '190
Jan '201
Feb '200
Mar '200
Apr '200
May '200
Jun '201
Jul '200
Aug '200
Sep '200
Oct '200
Nov '200
Dec '201
Jan '210
Feb '210
Mar '210
Apr '210
May '212
Jun '210
Jul '210
Aug '211
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '220
Mar '221
Apr '220
May '220
Jun '220
Jul '220
Aug '221
Sep '220
Oct '221
Nov '220
Dec '220
Jan '232
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '231
Dec '230
Jan '240
Feb '242
Mar '241
Apr '240
May '241
Jun '241
Jul '240
Aug '240
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '250
Apr '250
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '251
Jan '260
Feb '260
Mar '260
Apr '260
May '260
Jun '260
Jul '261
Aug '261
Sep '260
Oct '260

Sector Breakdown

Equity Gap: Enterprise Software is the largest displayed sector by deal count (12 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Equity Gap: Enterprise Software is the largest displayed sector by deal count (12 deals). All available history
SectorDeals
Enterprise Software12
Networks, Cloud & Communication9
Food & Agriculture8
Hardware & Robotics7
Health & Life Sciences7
Consumer & Lifestyle6
Transportation & Logistics5
Fintech5
Manufacturing5
Professional Services5
E-Commerce & Retail4
Data, Analytics & IT4
Media & Entertainment4
Cybersecurity & Privacy3
Clean Energy & Sustainability3
Real Estate & Construction3
Marketing & Advertising3
AI & Machine Learning3
Space & Frontier Tech2
Travel & Hospitality1
Social & Community Platforms1

Deal Size Distribution

Equity Gap: 38 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Equity Gap: 38 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M33
$5M-$10M5
$10M-$25M0
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Equity Gap: Europe has the largest recorded deal count among the displayed regions (37 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

Equity Gap: Europe has the largest recorded deal count among the displayed regions (37 deals). All available history
RegionDeals
Europe37
United States1
Equity Gap: 20 co-investors are shown, with Scottish Enterprise sharing 30 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Equity Gap: 20 co-investors are shown, with Scottish Enterprise sharing 30 recorded deals. All available history
Co-investorShared deals
Scottish Enterprise30
Old College Capital5
University of Strathclyde5
SIS Ventures4
Alba Equity3
Apollo Informal Investment3
Foresight Williams Technology3
Gabriel Investment Syndicate3
Innovate UK3
Par Equity3
Scottish National Investment Bank3
Gabriel Investments2
Jenson Funding Partners2
Kelvin Capital2
SIB2
Aero-Den1
Bank Workers Charity1
Barwell1
Clean Growth Fund1
Defence and Security Accelerator1

Investment Strategy

Equity Gap: Led accounts for 37% and participating for 63% of round participation.All available history.
Equity Gap: Led accounts for 37% and participating for 63% of round participation. All available history
CategoryDeals (count)Share (%)
Led1437%
Participating2463%
Equity Gap: Single-lead accounts for 86% and co-led for 14% of lead dynamics.All available history.
Equity Gap: Single-lead accounts for 86% and co-led for 14% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead1286%
Co-led214%

Team

Fraser Lusty

Director

Jock Millican

Founder and Director

Lisa Thomson

Angel Investor/ Syndicate Member